Make Money Online with Honeygain! - Download this free software for your Windows computer, Android or iOS phone and get paid to share your internet connection! Download, turn it on and earn!

Business Spend Management Software Market Insights 2020 | Forecast till 2027

Posted by shweta2707 on August 26th, 2020

Summary:

Business spend management solutions provide access to structured workflows and a clear overview of procurement analytics which help to identify the best ways to secure cost savings. 

Additionally, business spend management enables the identification of risks through a detailed analysis of supply market trends, contracts, and supplier performance scorecards. 

Global Business Spend Management Software Market is expected to exhibit growth rate of 11.2% during the forecast period (2019–2027).

Market Drivers:

  • The market growth is majorly attributed to increasing adoption of business spend management software by small and medium organizations for managing the organizational expenses. Moreover, the rising usage of SaaS-based business spend management software is boosting the market growth.
  • Additionally, the presence of large manufacturers such as Apple Inc, Dell, and service providers such as Amazon.com Inc., and Netflix are expected to boost demand for business spend management software in the region over the forecast period.

Market Restraints:

Global business spend management software market is facing data security concerns in cloud-based deployment. Cloud-based deployment solutions store highly sensitive data related to the organization’s financial details, supplier or contractor details, and customer's information. In the case of security breach this would cause a huge loss to the organization. 

Statistics:

Figure. Global Business Spend Management Software Market Share (%), by Region (2027)

In 2018, North America was the dominant region in the business spend management software market, and it is expected to retain its dominance over the forecast period owing to presence of developed economies such as U.S. and Canada. Spend management software providers in the region are investing heavily in research and development activities, in order to enhance their software capabilities. For instance, in May 2018, Coupa Software Inc. launched a new product for business spend management. This new launch will increase the company’s visibility in terms of organizational spending, operational processes, and performance.

Market Opportunities:

  • Based on deployment type, SaaS segment is expected to exhibit the highest growth rate of 11.7% over the forecast period, as it requires lower cost and less time for installation compared to on premise deployment option.
  • Furthermore, organizations operating in various industries are adopting the SaaS-based deployment option, as this deployment option decreases the risk associated with cash flow oversight, increased productivity & efficiency, and provides improved reporting and analytic capabilities. For instance, according to Coherent Market Insights analysis, in the year 2017, SaaS-based services generated revenue of US$ 59.35 Billion and is expected to increase to US$ 114.6 Billion, which shows a lucrative opportunity for business spend management market.

Some of the major players operating in the global Business Spend Management Software Market include:

Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.

About Us

8Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions.

What we provide:

Customized Market Research Services

Industry Analysis Services

Business Consulting Services

Market Intelligence Services

Long term Engagement Model

Country Specific Analysis

 

 

Contact Us:

Mr. Shah

Coherent Market Insights Pvt.Ltd.

Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S.

Phone: +1–206–701–6702

Email: sales@coherentmarketinsights.com

Also See: Spend Management, Business Spend, Till 2027, Spend Visibility, Spend, Management, Business

BTV Music Production Software
BTV Professional Music Production Software works as a standalone application or with your DAW as a VST or AU plugin (optional). If you are inspired, BTV will help you get your ideas out faster.
Urget Information For Talented Actors!
How I Finally Got An Agent, Quit My Day Job, and Made $85,000 Acting On TV... And How You Can Too!

Use Sheet Music Like a Treasure Map
Discover the riches of buried treasure in every song

Guitar and Piano Chords Together | StringTheoryChords.com
String Theory Chords is the number one source for viewing Guitar and Piano Chords together on all your devices. Easily convert and play Guitar Chords on Piano and Piano Chords on Guitar. With our selection e-Books in PC desktop and mobile formats, you ca

Advertise Here